LOS
ANGELES, June 14, 2023 /PRNewswire/ -- Cineverse
Corp. (NASDAQ: CNVS), a global streaming technology and
entertainment company with one of the world's largest portfolios of
owned and operated streaming channels, today announced it has
entered into securities purchase agreements for the purchase and
sale of 2,666,667 shares of common stock (or common stock
equivalents in lieu thereof) and warrants to purchase up to
2,666,667 shares of common stock at a combined public offering
price of $3.00 per share and
accompanying warrant for aggregate gross proceeds of approximately
$8 million, before deducting
placement agent fees and other offering expenses. The warrants will
have an exercise price of $3.00 per
share, will be exercisable immediately and will expire five years
from the issuance date.
The closing of the offering is expected to take place on or
about June 16, 2023, subject to the
satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as the lead placement
agent for the offering.
Titan Partners Group, a division of American Capital Partners,
LLC, is acting as co-placement agent for the offering. The
Benchmark Company, LLC is acting as financial advisor for the
offering.
This offering is being made pursuant to the Company's shelf
registration statement on Form S-3 (File No. 333-239710) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
under the Securities Act of 1933, as amended, which was declared
effective by the SEC on July 10,
2020. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction. A prospectus supplement relating to the shares of
common stock and warrants will be filed by Cineverse with the SEC.
When available, copies of the prospectus supplement, together with
the accompanying prospectus, can be obtained at the SEC's website
at www.sec.gov or from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, New
York 10022 or by email at
prospectus@allianceg.com.
About Cineverse
Cineverse is a global streaming technology and entertainment
company with one of the world's largest portfolios of owned and
operated streaming channels and streaming content libraries, all
powered by its advanced, proprietary technology platform. Cineverse
currently features enthusiast brands for subscription video on
demand (SVOD), advertising-based video on demand (AVOD) and free,
ad-supported streaming television (FAST) channels. Cineverse
entertains consumers around the globe by providing premium feature
film and television series, enthusiast streaming channels and
technology services to some of the world's largest media, retail
and technology companies. For more information, please visit
www.cineverse.com.
Safe Harbor Statement
Investors and readers are cautioned that certain statements
contained in this document, as well as some statements in periodic
press releases and some oral statements of Cineverse officials
during presentations about Cineverse, along with Cineverse's
filings with the Securities and Exchange Commission, including
Cineverse's registration statements, quarterly reports on Form 10-Q
and annual report on Form 10-K, are "forward-looking'' statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Act''). Forward-looking statements include statements
that are predictive in nature, which depend upon or refer to future
events or conditions, which include words such as "expects,"
"anticipates,'' "intends,'' "plans,'' "could," "might,"
"believes,'' "seeks," "estimates'' or similar expressions. In
addition, any statements concerning future financial performance
(including future revenues, earnings, or growth rates), ongoing
business strategies or prospects, and possible future actions,
including those relating to the timing and completion of the
proposed offering, which may be provided by Cineverse's management,
are also forward-looking statements as defined by the Act.
Forward-looking statements are based on current expectations and
projections about future events and are subject to various risks,
uncertainties, and assumptions about Cineverse, its technology,
economic and market factors, and the industries in which Cineverse
does business, among other things. These statements are not
guarantees of future performance, and Cineverse undertakes no
specific obligation or intention to update these statements after
the date of this release.
For additional information, please contact:
For Media
The Lippin Group for Cineverse
cineverse@lippingroup.com
At Cineverse
Julie
Milstead
424-281-5411
investorrelations@cineverse.com
The Equity Group Inc.
Carolyne
Sohn
408-538-4577
csohn@equityny.com
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SOURCE Cineverse Corp.